U.S. home prices fall

Prices of U.S. single-family homes fell in August, hovering around recent lows after the expiration of popular homebuyer tax credits, according a Standard & Poor's/Case-Shiller home price report Tuesday.  

The S&P/Case Shiller composite index of 20 metropolitan areas declined 0.3 percent in August from July on a seasonally adjusted basis. A Reuters poll of economists forecast a drop of 0.2 percent. The dip followed a seasonally adjusted decline of 0.2 percent in July.

S&P, which publishes the indexes, also said home prices in the 20 cities index rose 1.7 percent from August 2009, a slower annual pace than the 3.2-percent increase in July.     

"A disappointing report. Home prices broadly declined in August. Seventeen of the 20 cities and both composites saw a weakening in year-over-year figures, as compared to July, indicating that the housing market continues to bounce along the recent lows," David M. Blitzer, chairman of the index committee at Standard & Poor's, said in a statement.